Parts I need help with: 1, 2, 5, 8 , & 9.

Part 1 & 2, I need help with the remaining unanswered boxes.

Part 3 - Complete

Part 4 & 6 - Complete

Part 5 - Need help with the ones I got incorrect

Part 7 - Complete

Part 8 - Need help with the ones that are incorrect and incomplete.

Part 9 - Need help with this entire part

There is no more information for me to provide.

Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2016 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash $83,600 312 Dividends $135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 115 Inventory 624,400 510 Cost of Goods Sold 2,823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400 522 Depreciation Expense 123 Store Equipment 569,500 523 Store Supplies Expense 124 Accumulated Depreciation-Store Equipment 56,700 529 Miscellaneous Selling Expense 12,600 210 Accounts Payable 96,600 530 Office Salaries Expense 382,100 211 Salaries Payable - 531 Rent Expense 83,700 212 Customers Refunds Payable 50,000 532 Insurance Expense 310 Common Stock 100,000 539 Miscellaneous Administrative Expense 7,800 311 Retained Earnings 585,300 539 Part 1: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Date Description May 1 Rent Expense Post. Ref. Credit Debit 5,000 Cash 5,000 May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Date Description Post. Ref. Debit Credit May 3 Inventory 35,280 Accounts Payable-Martin Co. 35,280 May 4: Paid freight on purchase of May 3, $ 600. Post. Ref. Credit Date May 4 Description Inventory Debit 600 Cash 600 May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. Post. Date Description Debit Credit Ref. May 6-Sales Accounts Receivable-Korman Co. 67,130 Sales 67,130 May 6-Cost Cost of Goods Sold 41,000 Inventory 41,000 May 7: Received $22,300 cash from Halstad Co. on account. Date Description Post. Ref. Debit Credit May 7 Cash 22,300 Accounts Receivable-Halstad Co. 22,300 May 10: Sold merchandise for cash, $54,000. The cost of the goods sold was $32,00 Date Description Post. Ref. Debit Credit May 10-Sales Cash 54,000 Sales 54,000 32,000 May 10-Cost Cost of Goods Sold Inventory 32,000 Debit Credit May 13: Paid for merchandise purchased on May 3. Post. Date Description Ref. May 13 Accounts Payable-Martin Co. Cash 35,280 35,280 May 15: Paid advertising expense for last half of May, $11,000. Date Description Post. Ref. Debit May 15 Credit May 16: Received cash from sale of May 6. Date Description Post. Ref. May 16 Debit Credit May 19: Purchased merchandise for cash, $18,700. Date Description Post. Ref. Debit Credit May 19 May 19: Paid $33,450 to Buttons Co. on account. Date Description Post. Ref. May 19 Debit Credit May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. Date Description Post. Ref. Debit Credit May 20-Refund May 20-Cost May 20: Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000. Date Description Post. Ref. Debit Credit May 20-Sales May 20-Cost May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Date Description Post. Ref. Debit Credit May 21 May 21: Received $42,900 cash from Gee Co. on account. Description Post. Ref. Debit Credit Date May 21 May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Date Description Post. Ref. Debit Credit May 21 May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Date Description Post. Ref. Debit Credit May 24 May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Date Description Post. Ref. Debit Credit May 26-Refund May 26-Cost May 28: Paid sales salaries of $56,000 and office salaries of $29,000. Date Description Post. Ref. Debit Credit May 28 May 29: Purchased store supplies for cash, $2,400. Date Description Post. Ref. May 29 Debit Credit May 29: Purchased store supplies for cash, $2,400. Date Description Post. Ref. Debit Credit May 29 May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000. Date Description Post. Ref. Debit Credit May 30-Sales May 30-Cost May 30: Received cash from sale of May 20 plus freight paid on May 21. Date Description Post. Ref. Debit Credit May 30 May 31: Paid for purchase of May 21, less return of May 24. Date Description Post. Ref. Debit Credit May 31 Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger. Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blar Palisade Creek Co. Unadjusted Trial Balance May 31, 2016 Debit Credit Cash Accounts Receivable Inventory Estimated Returns Inventory 84,500 245,875 583,950 15,200 16,800 13,800 569,500 D Prepaid Insurance Store Supplies D Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable 56,700 63,150 Customers Refunds Payable Common Stock Retained Earnings Dividends Sales 29,270 100,000 585,300 135,000 5,376,205 3,013,000 720,800 292,000 ODO Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense 12,600 411,100 88,700 C Rent Expense Insurance Expense Miscellaneous Administrative Expense 7,800 6,210,625 6 ,210,625 a. Inventory on May 31 b. Insurance expired during the year C. Store supplies on hand on May 31 d. Depreciation for the current year e. Accrued salaries on May 31: Sales salaries $570,000 12,000 4,000 14,000 $7,000 6,600 Office salaries 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Date Description Post. Ref. Debit Credit Adjusting Entries 2016 May 31 Cost of Goods Sold 13,950 Inventory 13,950 May 31 Insurance Expense 12,000 Prepaid Insurance 12,000 May 31 9,800 Store Supplies Expense Store Supplies 9,800 May 31 14,000 Depreciation Expense Accumulated Depreciation-Store Equipment 14,000 May 31 C Sales Salaries Expense Office Salaries Expense Salaries Payable 7,000 6,600 13,600 May 31 Sales 60,000 Customer Refunds Payable 60,000 May 31 35,000 Estimated Returns Inventory Cost of Goods Sold 35,000 Part 5: Optional work sheet Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data. a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 C. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. If an amount box does not require an entry, leave it blank. Palisade Creek Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit 84,500 01 84,500 245,875 0 0 245,875 OC 583,950 ODO 13,950 570,000 Account Title Income Statement Debit Credit O 0 Balance Sheet Debit Credit Cash o Accounts Receivable L 84,500 245,875 570,000 Inventory Estimated Returns Inventory 15,200 o 35, 0000 50,200 ov 0 50,200 Prepaid Insurance 16,800 Store Supplies 13,800 569,500 Store Equipment 0 0 12,000 0 09 ,800 000 56,700 D O 14,000 63,150 o o 13,600 D 4,800 4,000 000 569,500 .0 0 OD 70, 7000 O 63,150 O 13,600 o 4,800 4,000 569, 5000 70,700 63,150 ov 13,600 ol Accum. Depr.-Store Equip. Accounts Payable Salaries Payable Customers Refunds Payable Common Stock 29,270 60,000 o 89,270 O 89,270 0100, 0000 0 0 100,000 OC 100,000 84,500 o o Cash Accounts Receivable 245,875 583,950 o 13,950 84,500 245,875 570,000 0 0 84,500 245,875 570,000 Inventory 0 Estimated Returns Inventory Prepaid Insurance o Store Supplies Store Equipment Accum. Depr.-Store Equip. Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense 15,200 035, 0000 50, 2000 0 50,200 16,800 o 12,000 4,800 4,800 13,800 CON 9,800 4,000 4,000 569,500 569,500 569,500 o 56, 700 0 14,000 .00 70,700 1 063,150 000 63,150 63,150 o o o 13,600 013,600 0 0 0 13,600 029, 2700 60, 0000 D 89, 2700 0 0 89,270 100,000 O O O 100, 0000 0 0 100,000 o585,300 000 585, 3000 0 0 585,300 135,000 00 0135, 0000 01 0 135,000 o 5,376,200 X 60,000 o 5,316,200 X 0 5,316,200 X o 3,013,000 0 o X 21,050 X 2,991,950 0 x 720,800 o 7,000 0 1 727,800 727,800 292,000 ov 292,000 o 292,000 0 0 14,000 14,000 14,000 o 0 0 9,800 D O O 9,800 9,800 D OI 0 12,600 0 0 0 12,600 012, 6000 411,100 0 6 ,600 D O 417,700 0 417,700 88,700 0 0 0 88,700 O D 12,000 x 00 C OD 12,000C0 12,000 | 0 12,000 7,800 OOD o 7,800 o 7 ,800 Rent Expense Insurance Expense Miscellaneous Admin. Expense 6,210,620 x 6,210,620 x 144,400 x 144,400 x 6,238,220 x 6,238,220 x 4,574,350 5,316,200 x 1,663,870 x 922,020 Net Income 00741, 85500 ovovcovo Dovov Cox ox ox 787,020 x Part 7: You must complete parts 1, 2, 3, 4 and 6 before completing part 7. Part 5 is the optional work sheet. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Adjusted Trial Balance May 31, 2016 Debit Credit Accounts Receivable C Inventory Estimated Returns Inventory entory 84,500 245,875 570,000 50,200 4,800 4,000 569,500 C Prepaid Insurance Store Supplies C Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable 70,700 63,150 13,600 Salaries Payable Customers Refunds Payable Common Stock 89,270 100,000 585,300 Retained Earnings Dividends 135,000 Sales 5,316,205 Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense ( Miscellaneous Selling Expense 2,991,950 727,800 292,000 14,000 9,800 12,600 417,700 88,700 12,000 7,800 6,238,225 Office Salaries Expense C Rent Expense Insurance Expense Miscellaneous Administrative Expense 6,238,225 Part 8: You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8. Note: part 5 is optional. 1. Prepare a multiple-step income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 2016 Sales S$ Cost of goods sold 5,316,200 X 2,991,950 2,324,250 x Gross profit 5 Operating Expenses: Selling expenses: Sales salaries expense S$ Advertising expense Depreciation expense 272,800 x 292,000 14,000 9,800 12,600 Store supplies expense Miscellaneous selling expense Total selling expenses $$ 1,056,200 Administrative expenses: Office salaries expense $$ 417,700 Rent expense 88,700 Insurance expense 12,000 7,800 Miscellaneous administrative expense V Total administrative expenses 526,200 Total operating expenses 1,582,400 741,855 Net income $$ 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2016 Assets Current assets: Cash 5$ Accounts receivable Inventory Estimated returns inventory 84,500 245,875 570,000 50,200 4,800 4,000 Prepaid insurance Store supplies Total current assets $$ 959,375 Property, plant, and equipment: Store equipment Accumulated depreciation-store equipment ss 569,500 70,700 Total property, plant, and equipment Total assets 498,800 1,458,170 X $$ Liabilities Current liabilities: Accounts payable 63,150 Salaries payable V 13,600 89,270 Customers refunds payable Total liabilities S$ 166,020 Stockholders' Equity S s Common stock Retained earnings Total stockholders' equity $ S$ 1,292,150 x 1,458,170 x Total liabilities and Stockholders' Equity Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional. Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the retained earnings account. If an amount box does not require an entry, leave it blank. Date Description Post. Ref. May 31 Sales Debit Credit Sales Sales May 31